FLINT, Michigan — Up to 765 jobs will likely start coming to Flint now that a sustainable development company has been approved for tax credits that will help locate its headquarters in the city.

The CEO of the company, Renewable and Sustainable Companies (RASCO), said it's likely a matter of six to eight weeks before it officially secures the building and starts bring its operations to 2851 Cole Blvd., near Buick City.

"We’ll start the relocation into the Flint area and begin in earnest the actual recruitment," CEO Rick Short said today.

The $18.5-million project is expected to bring up to 71 jobs in the first year and create up to 765 jobs over the next five years. The facility could also house research and development, an engineering department and assembly operation to build and export its products.

The Michigan Economic Development Corporation estimates the economic activity created by the project will create an additional 1,048 indirect jobs.

The company uses renewable energy sources to bring sustainable essential services, such as Internet, clean water and electricity, to developing nations overseas.

Flint Mayor Dayne Walling said this is a "very exciting" economic development project for the city.

"This will have a major impact on our local economy," he said. "It shows that Flint and Michigan are open for business and are prepared to provide support to companies locating here to help diversify our economy."

RASCO was officially notified of the tax credit during today’s Michigan Economic Growth Authority board meeting in Lansing. The MEGA Board provides refundable tax credits against the Michigan Business Tax to companies expanding or relocating their operations in Michigan.

RASCO's credits are worth up to $9 million over the next seven years.

The tax credit is a significant factor in helping the business locate in Flint, Short said. The state’s growing reputation as a center of the budding renewable energy industry was a key consideration as well, he said.

He said the company was assisted by the Genesee Regional Chamber of Commerce as well as Green Cities Coordinator Steve Montle in the mayor's office.

"To be in Michigan is to be in the center of green opportunity,” he said. “We also believe that there is a trained workforce, from engineers to skilled trades, that’s in abundance here.”

Flint beat out competing sites in Delaware, New York and Virginia for the venture.

According to the company's Web site, it is looking to establish Flint as its base for its sustainable development division, called Integrated Distributed Utilities Network (IDUN). The site it is considering most recently was home to UPF Inc., which manufactured truck frames before it closed.

Short said the company uses renewable energy, such as solar power, to provide essential utilities, such as electricity and clean water, as well as wireless broadband Internet.

The tools will allow people in rural areas in developing countries to enter into "micro-business development" so they don't have to relocate to the cities, Short said.